The Booming Business Of Flipper Zero

Published Oct 24, 2023 14:46 PM

What started out being viewed as a toy became a viral social media sensation, and emerging security risk is also a booming business, one of the fastest-growing physical security companies today in IPVM tracking.

IPVM Image

In this note, we examine the company behind Flipper Zero's (Flipper Devices) business model, growth rate, and how it fits within a pattern of disruptive innovation, including feedback from Flipper Zero's COO about the state of their business and their future plans.

Executive *******

**** ******** ******* *** ******* **** (on **** ** ** ***** ****** its ***** **** $** ******* **** year ** $** ******* **** ****), these *******, ******* ** ********** ****** control ***************, **** **** ** ** the ***** ** ******** ** ******, far ****** "********** *********** *****" ********* ********.

*** ******* **** **** ** ** not ******* ******* *******. ** ******** the ******* ** ******* *******, ** not *************, **********.

***********, **** ** ** ********** ******** because:

  • ****** ******
  • ******* ***********
  • *** ******** *****
  • ********* ********* ********
  • ******* ******* *** ***** (*.*. ******, Uber, ***** *******, ***.)
  • ******** ***** ****** **** ******* *********

** *** ******** ****, ** ** a ******** **** ******* ***** **** no ************ ********. ****, *** ******* use ** ** ***** ***** *** governmental ******** (***** ** **** ******* in * ******** ******** ******).

***** ******* ****'* ********** ********** ** not *****, ** ** *** ****** and **** ******** **** **********. *** absence ** *********** ************* ************* *** the **** ****-******** '*********,' ****** ******* with ***** ********** ********, **** *** Ring ********, ******, *** *******.

Background

*** *******, *** ****** ******* *******, originated **** ************ *********** *****-*** ***** *******, ****** ** *** ****** ** 2020. *** *******'* ******** ***** ** being ********** ** ** ****** ~$*.* million (********* $***,*** ** *** ***** 15 *****). **** ** **** ****** to *** ******* **** ** *** 51st ***** ***-**** *** ** ***,***+ campaigns** *** ***-**** **** ** *** amount ** *******.

IPVM Image

******* **** ** * *****-******* **** tool ******** * ******* ** *************** in *** ***** ** *** *********** world. *** ************ *** ******** ****** control *** ******** *** **** **********, as ******* *** *******, ****, *****, and ****** ***-********* *** ****-********* ***********. It ***** *** ****** ****** *** researchers, *** *******, *** ** **** cases, *********. *** **** ******* ** Flipper, *** ************ ** ****** ******* ******** *****.

************* * ***** *********, *** *** ***** *** **** videos **** ******** ******* ***** ********** its *********. *** *******, * ***** below (*.* ******* *****) ***** *** Flipper ** **** ** **** ****** of *********** ****** ******* *****:

*** ******* ***** ***** ********* **** ****** ****** ******** ***** * *********** ***** ** searches *** ******* **** - ******* proof **** ******* ** * ******* trend:

IPVM Image

500,000 **** *********, ** **% **** ********* ** *** ****

******* ******* **** **** **** *** "rough ******" ** ******* **** ** date ** ***,***, ***** ** ***,*** more (** **%) **** ** *** beginning ** *** ****. *********** **** as ** **** ****,*** ******* ******* * ***** ** 46,500 *****, **** ********** * *********** ******, as *** ******* ***** *****:

IPVM Image

******* ********* **** ***** ******* ** the ******* ****** *** *******, ** 70% ** *** ***** *** **** in **** ******.

*** ******* ******** ** ******* *********** for ****, *** **** ** ***** were **** **** **** (* **** conservative **********), ****, ***** ***** ** over * ******* ** ***** ***** held ** *** ******. ********, ** the ****** **** ** ******** ***** to **** **** **** **** ************, they *** **** **** **** * million ******* *** ****.

Projects $**-*** ******* ** ***** ** ****

******* **** **** **** *** ******* "is ** ***** ** ***** ***** from $** ** $*** *******", ***** is ** ***** ~** **** **** did ** ****, ****** ******* $** ******* ** ***** to **********.

*** ******* **** **** ** ***** experiences *********** ** ***** (******** ** provide **** *******), ***** ***** ******* such * *** ***** **** **** ten ***** **** ** ****. ************, Flipper **** **** **** *** ******* solved "****" ** *** *** ********* last ****, ***** ***** **** **** another ******** *********** *** *** *******'* uncertainty ** *** *****.

*******, **** * $*** **** ***** and ***,*** ***** **** ** ****, this **** *** ******* ** $** million ** *****, ************* ***** **** its *********** ** $**-*** *******. ******* declined ** ******* ** ***** ************ but ********* **** ******* ** **** selling ***********:

** ***'* ******* ** ***** ********* as ****'** ***** ***********. *'* **** add **** ***** ***** **** *********** and ******* ******* **** **** * bunch ** *********** ** ******** ** Flipper ****

***** ***********, *******, *** ****** ** a ******** (** *** ***** ** tens ** *******) ** ******* ****'* cost.

Likely **********

**** ******** **** ******* ** ********** as ** *** ***** ********* ******* (IPVM ********* **** ** **%+), *** overhead ("****** ** *********", *** *** company), *** *** ********* ********.

Not *********** ******* *****

*******'* *** **** **** **** **** "have ***** ***** ******* ******* *** aren't *********** ** ** *** ******", which, **** ** ******** **********, ** unfortunate ******* ******* ***** ** ********** business, ** **:

  • *** * **** ****** ****, **** $25 ******* ** **** (*** ***** after *** *******'* **********), **** ** $70-100
  • **** *** **** ***** *********** ***********
  • ****** *** ***** ******* *** ** profitable
  • **** **** ** ******* (******* ** Kickstarter *****)
  • ****** * ***** ***** ** ********* problems
  • ******* ******* *** *****, ***** ***** little *********** *** **** ****** ** no ************ ******* *** ***** (**** and ****** *** ******** ** ********* illegal **********, **** ***** ** ** big *********)
  • **** **** ******** ** ********* (** became * ***** ****** *********, *** an********** ******* *********** **** ******** ** *****

** *** ******** ****, *******, *** has ** ******** * *** ******:

  • ******* ** *** * ************-***** ********
  • ******* ** ** **** ** ***** for ****-**** ********** (*.*., *** ********, continued ***********, ***.)
  • *********** *** ***** ** **** *** this ********* ******
  • ******* ** ***** ************ **** *** limit *** ******

Improved **** **********, ******* ************* ************

***** ******* ****** ** *** ********, including******(***** ********) ******** ******(*******'* ******* ** *** *********), ********* **** ******* ***** **** technological ************, *** ************* ****** **** experience **** **** ** ****** *******, something **** **** ****** *** ****** agree ****.

***** ****** ********** ** "*** **** standard" **** *** ****** ******* ********,******** *, ***** ****** *********, * **, and *** * ***** ******** *****; Flipper ** * ******** ****** **** buttons, * ******* *** **** *** need * ** *** *** **********. This ** * *********** ***********, ** less *********** ***** ****** *** *** debug, ****, *** ******/***** ****** *******.

**** *** ****** '*********,' ******* ** similar ** **** ********, *******, ******, etc., ** ***** ******** ** ******** that *** *** *********** ***** ************* breakthroughs **** * **** ********** ***********.

Limited *********** **********

*** ** ******** ****** *** * number ** ***** ******* ******* (************ ** ****** ******* ******** *****), *** ***** ******* *** ************* meant *** ********* *** ***********, ***** makes **** *** **** ***** **** Flipper ***, ** *********, * ******* competitive ******.

********, *******'* *** **** **** **** they **** **** ** ***** ******* as "*******, *** *** ********* ****":

We *** ***** ******** ** *******, *** *** ********* ****. Listed products are often more powerful in some specific cases and technologies, but at the same time, they *** *** ** *********, *** *** **** ********** **** ***** ** **** *********** *** *** * ***** ******** *****. On the contrary, Flipper was designed as a universal tool, bringing the most common access control technologies in a single body and making the user experience as easy and intuitive as possible. This ***** ******* * ***** ****** *** ****-******* ****** *** ********* ** *** ************* ******, *** ****’* *** *** **** *** ***** **** ********. [emphasis added]

*******, **** *******'* ******* ** ******* sales, **** ****** *** ** ********** for ******** ***********, ***, ** ******* told ****, **** *** ******* ******** being ********:

We ******* *** **** *********** **** **** ******* ******** ********* *** ** *** ***** ** *** *** ******** *******. To compete, we are constantly working on improving Flipper Zero and bringing new features for people to play and learn with. In addition to that, a big part of Flipper is the large community that is constantly growing.

** *** [*** *****] *********** [***],there *** ****** ****-***** ******** ******** **** ****** ** ***** ******** ** ********* *** ** ***********. [emphasis added]

History ** ***** ************

***** ********* ******* ****, *** ******* has *********** * ****** ** ********, most ******* **** ** ****** *** Customs ******* *** ******, *******, ******* said **** ** ******** **** "*** the **** *** *********** ** *** regions **'* ****" *** ************ *** often *** ****** ** "****************, *********, clickbait ******* **** ***** ***********, ** just ****** *** ******** ******** ** different *********":

Flipper ******** **** *** *** **** *** *********** ** *** ******* **’* ****. We’ve got all the certifications and implemented all the necessary radio and security restrictions for the product to be safe for general use. So, the restrictions ** **** *** ***** * ****** ** ****************, *********, ********* ******* **** ***** ***********, ** **** ****** *** ******** ******** ** ********* *********. [emphasis added]

*** *******, ** ******* ****,** ******* ****** * ******** ** Flipper *****(*********** **** * *** ***** *****), *** ****** ****** ******* ** it ****** *** ****** ** ** a ****-******** ******, *** *******'* ***:

Amazon’s **** ** *** ** ********* **** ******* *********** * ****-******** ****** without providing any argumentation or evidence. And every representative we spoke to doesn’t know what card skimming is, so ***** ********-****** ******* ** * *** *******. [emphasis added]

*** ******* ********* ***** ************ ** educating ****** ** *******'* ************ *** "already **** * **** ********" *** has *** *** *** ****** **** customs ***** ******** '**, ** ******* told ****:

We ******* [***** ************] ** ********** *** **************, ********* ****** *** ************* ** *** *******’* **** ************, and constantly improving our communication processes and evidence of the product’s safety. We’ve ******* **** **** ******** *** ***’* *** *** ****** **** ******* ***** ******** ****, ******* ****-******* *******. [emphasis added]

**** ***** ** ******* * ******** port ** *** **** *** **** of ********* ******* **** ** *** following *****.

More ********, ******* **** ***********

******* **** **** **** ***** **** work ** ******** ******* ****'* ******** to ******* **** **** *** "******" APIs ** *** **** *****-***** *** development, *** ******* ** **** ******* on *** ********:

Now ** *** ******* ** ********* *** *.* ******* ** *** ********, which will bring improvement to all the stock apps, like adding new protocols support to NFC and SubGhz apps. Also, this will freeze the major changes to the APIs so that the community apps can stay up to date longer, and developers will get proper APIs and OS documentation.

We *** ******* ** *** ********, but we can’t share any specifics yet. [emphasis added]

*** ******* ******** ** ******* *** details ** ******** ********.

Team ****** ********

******* *** "****** ** *********" (******** l**** **** ~**), ** *** *** **** ****, and *** ******* ** ******** ** grow **-**% ** *** **** ** months **** ** ******** ** *** engineering, *********, *** ********* *****:

** *** ********** ******* *** ****,but ** ******* *** **** ******** *** **** ** * ********** *****, *******, *** ******** ***** ** ******, ** ** **** *** ****** **** ****** ************. I estimate that we **** **** ** **-**% ** *** **** ** ******. As per areas, we’ve always been a mostly engineering team. We plan to keep it this way, but we also plan to strengthen our education/technical content and marketing teams significantly. [emphasis added]

*******

******** ** ******* ******* *** ***** accessibility **** ****** *** ****** ******* industry's *******, ******* *** **** ** change ******** ******** *** ***** **** secure *********.

Comments (27)
Avatar
Bienson Jones
Oct 24, 2023

****** **** ************* ** ******** ****. Something *** **** *** ********* *** know.

(2)
MS
Mark Schweitzer
Oct 25, 2023

******* *****

** ********** **** ***'** ***** ** need ** ******* *** ******* **** at ***** * *** ******* ***** can ** *********.

(2)
CK
Corey Keast
Oct 26, 2023

**** ***** ** * ****** ***************. Wiegand ** *** ****** *** *** Flipper **** *** ****** **** ** be ****.

****, *** *** **** **** **** cards ****** ** **** *****.

(1)
MM
Michael Miller
Oct 26, 2023

*** *** *** ******* **** **** used ** **** ******* **************? *** Flipper *** ***** **** *** * haven't **** ** **** ** *******. PROX *** ******* *** ********** *********.

(2)
(1)
CK
Corey Keast
Oct 26, 2023

* ***** ****’* **** * *****. They *** ********* ******** ***** *** even ** ***** *******, ********* ** the ****** ****.

** ** * **** ************* *** test **** ***** ** *** **’* in **** ******.

UI
Undisclosed Integrator #2
Oct 27, 2023

*** *** *** **** **** *** the ** ****

(1)
(1)
MM
Michael Miller
Oct 27, 2023

*** **** **** **** **** *******? Other ********* ******* ***** *** ******** to *** ****** ******* *** ****** and ***** *** ***** *** *** credentials **** ****. * ****** *** do *** ** *** **** **** the ******* ** ***** ** *** a *** ** **** ** **** something **** *****.

CK
Corey Keast
Oct 27, 2023

*** *** *** ** *** ********* devices ** ***** ** * ******* and ** ***** ** * ********. Do *** ***** ** *** ***** 2 ******** ******** **** ** ******'* fit **** *******/*******? *** *** ****** a *** ** *** ****** ****** very ****** ** *** **** *** right ***** *** *******.

CK
Corey Keast
Oct 27, 2023

*******. ******** *** ******* *** ****** that ****** **** ** ** ****** at ******** ********** *** ******. **** are ***.

MH
Michael Henderson
Oct 26, 2023

* ***'* ******** ***** ****** * security ******* ***** **** **** ***** technology ** ******. * ******** **** a ****** ******* *** **** *** actors **** ***** ********** *** *** it *** ******* ********. **** *** profess *** **** **** **** **** are ***** ****, *** **** *** just ************. **'* **** ******* **** to ******.

(3)
(10)
(1)
CK
Corey Keast
Oct 26, 2023

* ***** ***’** ************. *** ****** was ****** **** ** * *********** tester. ***’* **** *** ******, *** the ****** **** ****** *** *** your ********* ********** ** ******.

(4)
(3)
UI
Undisclosed Integrator #1
Oct 26, 2023

****, *****. **** ** *** ********* than ******* *********** *****, ********, ** other ******** *********** *** ******** *** entering. ********* ******* *****, *****-** ***** require ******. ** ******** *******, *** the ******* ** ***** ** **** it's "****" ** ******* ****** **** are ******** ******* "**, **** **** shouldn't **** **** ******** **** *** in *** ***** *****"??

* ******* ** **** *** *********** very **** ** ****** **** ****** and ****** **** **, *** *** good ******.

(7)
CK
Corey Keast
Oct 26, 2023

**** *** *** *** **** ******, only ** *** **** ******* *** are ********* ** **** *** *** limitations ** **** ******* *** *** to ******* ****.

** ** * ******* ****** *** just **** *** ****** ** *** be **** *** *** ******* ** abused. *** ******* ** *** *********** is ** **** ******** *** *** use **** *** ******* ** *** screwdrive **** ** ** **** ** a *****.

******* **** ** * ***** **** and ** ****** ** ***** ** not ******* ** *** ** ******* we *** ****** ** **. **** do *** **** *** **** **** work ******* ** ******* ****** *** get ****** ****. *** *** ***** to ** ***** **** *** ****** legally ******** *** ** **** **** client's ******* *** * ******* *** buy ** *** * ***** ****** site *** *** ** ** ******* your ******'* ********?

*** *** **** **** ****? * am ***. * **** ************* *** pentesting ** * ******* **** ** calling ** ** *** ********* *** directly *********** *** ****** ******. ** it ***** **, **** ** ** a ***** *******. ** ** ***** then * ***** ****** **** * client * ****** ***. ** ** about *********. ****** ******** *** **** clients. ***'* *** *** ***** ****** information **** **** ***** ***** ********** more ******. ** **** ***, ***.

(6)
JH
John Honovich
Oct 26, 2023
IPVM

* ******* ** **** *** *********** very **** ** ****** **** ****** and ****** **** **, *** *** good ******.

*******, ** *** ******** * ****** post **** ******** *** ********* ***** concerns **** ******* ****.

(1)
(1)
CK
Corey Keast
Oct 26, 2023

******* ******* ** **. ** ****** anybody *** ****** ******* *** *** the ****** ****** **** *** ***** have **** ******* ****** *** ******. However, ** ******* ** **** **** is * **** *** *** ***** can ** **** ** ******.

UI
Undisclosed Integrator #3
Nov 01, 2023

...** ***** *** ****** ** "******** and ******* ****** *** ****** ** the ****."

********* * ******** ******** ***** *** do *** **** ********** ** ******, or ********* ****** ** ***** *** same, ****** ***** **** ***** *********. It ** ********* ** ********.

** *** ***'* **** *** ****** permission ** ****** ***** ******** ** system, *** *** ***, *** *** violating ***** ****** ** *******, *******, property. ***'** *** ***** * ******** of *******, *** *** ********* ** others' ********.

(1)
(1)
CK
Corey Keast
Nov 01, 2023

***** **** *** ******* ** *** books ** ******* ******* ***** ** be ****. * **** ** ***** a ****. ****** *** **** ********** a **** *** * ***** ******* tools ***’* ****** ******, ****** **.

(1)
MM
Michael Miller
Oct 26, 2023

*** *** *** *** **** ** the ******* ***** ** ********* ******** technology?

(2)
(1)
(1)
CK
Corey Keast
Oct 26, 2023

** ***** *** **** *** ***** mindset. * ***’* ******* ** ******* because **** *** **** *** ********** the *********** ****** ** ****** **** decision. **** **** **** *** * special ******** ***** *** **** ***** buddy’s ******* **** ** *** **** approved ***.

**** ** ****** ** ******** *** companies *** ***** ****** ***** ** a **** ** ****** *******. ***’** shaming **** **** ****** ******* ******* else ***** ***** ***** ********* ** affected. **** ** ********* *** **** IPVM ***. * ******* *** ****** with **** *** **** **** ********* it. *******, **** ******* *** ****** with ******* ** ******* *** **** that *** ***** ******** ****** ******’* use ***** ******** ** **** ***** about ********** *** ********.

(1)
CK
Corey Keast
Nov 01, 2023

******* **** ***** ** ** ** the ********** ** ********* **** ** and ** *** ********.

*** ********** *** **** ** ********* job ******* *** ***, ******* *******, and *******. *** **** **** ***** when ** *** ***** *** ********** to *** ***** ****** ** *** lives?

** *** **** * ***** * cookie ** **** **** * ***** of ****.

(1)
MM
Michael Miller
Nov 02, 2023

**'* ****** ***** ** *****. *** tech ** ****** *** **** ***** get *****.

(1)
CK
Corey Keast
Oct 26, 2023

***** *** **** ****** *** * have **** ********* **** *** ***** on ****** ******. **** *********** ** show *** * ****** ** ******** or *********** ** ****** *******.

(1)
Avatar
Charles Baker
Oct 26, 2023

*** **** ** **** *** "*******" is ** *** **** ** **** point. * ** ****** *** ******* disturbed **** *** **** ***** *** being ****. ***** **** ***** *** be ********** ** ***** "****" ***** systems, * ******* **** **** *** purchasing **** **** ***-******.

* ********** *** ***** ******** **** it ** ****** ** ****** *** public (*** *********) ** *** **** real ***** **** *** ****** **** older ********* *** ***********.

**** **** **** **** ****-***** *********** will ****** **** **** * *********** but ** ****** ******** ***********, ** does * ********* **** *** ******* to ***** * ****'* ****-***** ********** via ******** *******?

(1)
(1)
CK
Corey Keast
Nov 02, 2023

*’* *** **** **** *** **** by “****” *** **’* **** ********* on ********* **** ***** *** *****. Nothing ** “****” ****** ********* ***********. You *** ******* ** ********** *** FZ **** **’* **** **** **** specific ******* ** *********** ** ***-**-*** unit.

******** ********** *** *** ******** *********. Kali ***** *** **** ***** **** been ********* *** *******. **** ********* they *** ***** ** **** *****’* make **** ****. ***’** **** ******** informed ** **** *** **** ***** for *******.

(1)
UM
Undisclosed Manufacturer #4
Feb 21, 2024

*** ******* ** ** *** **** "hacking" ** *** **** ** **** it, *** **** ****** *** * long ****. ******* **** ******** ** all ** **** *** ********** ****** that *** **** ** ***. **** it *** *** ******, *** ************ expanded **** ******** ***-** *******.

*** ******* ** **** *** ******** technologies ** *** ****** ********** *** was *** **** ******. ***** *** and *** ***** ********* **** *** these ************ *** ******* * ****** for ***** ************? ************ **** **** existed....

* **** * ******* **** *** it ** ******** *** ****** **** 4 ********* ***** **'* **** * can ****** ******* * **** ***** on **** * **** ** ****. I ****** *** ** **** ** learn ** ** ***** ** ** the ****. **** *** **** ** can **, *** ***********, *** *********** of *** ****** ****-**-***, ** ********** checks *** *** *****.

**** ** *** * *** *** device, ***** **, *** ******** *** world ******. ***** ** * ***** learning ***** *** ******** ****** ** open **'* **** *********. * ******* mine ***** ** *** ******* *** many ****** ****** *** **** ***-********* of *** ******* *****. **** ** can *** ********* ***** *** ****** Flipper ******. ******** *** ****** * see * *** ** ****** ***** on ** ***********.

********* ** ****, * ********** **** no ***** ** **** *** ** device *** ******** *********. * ****** to ***** **** ***** **'* ********* and *** ****** ** *** ** our ********..... *** ***...

** *** ***** *** ** ******* and *** *********** *** ****, * see *** **** ** **** ****** ending **** *** *** ******* ****** wearing ***. ****, ** **** ** the **** ********** *** ******* **** purchase ****.

(1)
(1)
CK
Corey Keast
Feb 21, 2024

******* ****! **** ****** *** ******** that ** *** *** ** **** on * ** *** *** **** available *** **+ ***** ** **** affordable ********. **** ** **** ******** companies ******* **** ****** ******* ****'** portable. ******* ** **** * ****** packaged ***** ** ********, **** ** ALL!

* ***** ** ** ****** ** stir ** ********** ** ********* *** do *** ********** **** ** ** to ********** *** ** ******* ** as * ****.

MK
Mert Karakaya
Feb 21, 2024
IPVMU Certified

** *****,

****** *** *** *******. ***** ******* is *** ************* ** *************, ** changes *** ****** ********** **** *** large ******** **** (**** ***,*** ***** sold). ** **** ******** ***** ****** control ******* ***** **** ***** *** same, ** *** ****, ************* **** Flipper (************ ** ****** ******* ******** *****).

**** *******'* ******* ***************, ********* ** blaster ** * ********* ******, ***-*** for ****** ********, *** ****/***, ** offers * ****-**-*** ******* ** * lower ****. ****, *** ******-**-*** ********* make *** ******** ***** *****, ***** appeals ** * ****** ********.

*** ***** ******** **** **** ************ app ********** ** ******* ** ** a ******** ** *** **** **** on ***** *********** (****** *** ****** *** ***** **** HID **** *** ******* ****).

** ****** *** ******* ** **** hacking **** ******, **** ***** ***** of ***** (**** ***** *** ********).

** ******* ****, ** *** ******* cell ****** **** *** ************* ******* people's ***-**-*** *****? ** ** **** to *** ******* ******* * **** phone ** *** **, ******* ***** are ***** *********. **** ** *** and ******** ******** ** ***** *** skyrocket *** ******** *** ****** ** these ******* ** ***** ****.